BreitBurn Energy Partners L.P.(BBEP) fell in pre-market trading on Monday as the company announced an upward adjustment in its borrowing base.
The stock is trading at $6.81 at approximately 8:15 AM ET, down from Friday's close of $8.77. With the decline, the stock is poised to slip to early April levels while dropping below its 50-day moving average.
The firm said that its borrowing base under its credit facility has been adjusted, with no additional fees and no increase in borrowing rates, at $760 million, which exceeds current borrowings of $717 million.
The company also said that it is temporarily suspending distributions to remain in compliance with certain provisions of its credit facility and to redirect cash flow to pay down debt.
Further, the company said its outlook for significant cash flow and liquidity in 2009 is in line with expanded full year guidance.
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